Company News

Company News

CTB Purchases the Assets of LeMar Industries

MILFORD, Ind., U.S.A., December 31, 2012 – CTB, Inc. (www.ctbinc.com) announced today that it has purchased the assets of Martin Industries, Corp. and its related subsidiaries including LeMar Industries Corp. (www.lemarindustries.com). LeMar, headquartered in Des Moines, Iowa, is a leading designer and manufacturer of all of the structures and equipment related to loading, unloading and moving grain through a grain storage facility including catwalks, towers, bucket elevators, conveyors and sweeps. The company also makes temporary grain storage. Terms of the transaction were not disclosed.

Martin Industries is also the parent company for Riley Equipment, which makes bucket elevators, grain conveyors and other bulk material handling equipment; Hall Industries, a custom designer and metal fabricator with a state-of-the-art powder-coating operation; Midwest Bearing & Supply, a bearing and power transmission supply house; and The Grain Reclaim Machine Company, a grain pickup service. The company operates from facilities in Des Moines and Sheffield, Iowa, as well as from Vincennes, Indiana. LeMar's facilities encompass more than 300,000 square feet of manufacturing space with a focus on precision in-house engineering and lean manufacturing. The company employs nearly 200 people and is widely recognized for its proven ability to design custom solutions for customers in the U.S. and around the world. It is an American Institute of Steel Construction (AISC) certified fabricator.

CTB president and chief executive officer Victor A. Mancinelli noted that the acquisition completes CTB's offering to the grain industry. "Adding LeMar's leading grain handling systems to Brock's line of grain storage, handling, conditioning and drying solutions means that CTB's Brock division can now offer its customers and dealers a complete grain preservation package," said Mancinelli. "The acquisition also provides CTB with additional engineering expertise and talented people as well as with manufacturing options in the heart of the U.S. grain belt."

Mancinelli added, "LeMar has had a close relationship with Brock and its dealers for many years. This broadening of our already strong grain product line should benefit our dealers and customers tremendously through the ability to rely on Brock as a single source solution to their needs."

LeMar was founded in 1982 by Bob and Sharron Martin. Bob Martin has managed the company together with his sons Scott and Richard for the last 11 years. After the acquisition, the senior managers, Scott Martin and Jason Luster, will continue in their respective leadership roles and will report to CTB's Doug Niemeyer, Executive Vice President and General Manager of CTB's Brock Grain Systems business unit. Niemeyer remarked, "We are very pleased to add these two grain industry leaders to our team." CTB will continue operations in the existing LeMar facilities.

Commenting on the acquisition, Bob Martin said, "My family and I are thrilled to find such a great home for the business we started thirty years ago. Brock is well known as an industry leader, and, with its backing by CTB and Berkshire Hathaway, it offers great stability and promise for the future of LeMar's brands and product lines."

About CTBCTB, Inc. (www.ctbinc.com), a Berkshire Hathaway company, is a leading global designer, manufacturer and marketer of systems and solutions for producing grain, poultry, pigs and eggs; and for processing poultry. Its products and services are "Helping to Feed a Hungry World®" through grain storage, handling, conditioning and drying; through improved efficiency and air quality management in the care of poultry and livestock; and through efficient and high yield poultry processing. CTB also produces equestrian enclosures and makes equipment for various industrial applications. Founded in 1952, CTB has been dedicated to "Leadership Through Innovation®" throughout its history. The company operates from multiple locations in various countries around the world and serves its customers through a worldwide network of independent dealers and distributors.

CTB, Inc. is a leading global designer, manufacturer and marketer of systems and solutions for preserving grain; producing poultry, pigs and eggs; processing poultry; and for various equestrian and industrial applications.